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Courts have no empathy for failed Buyers:

As you know, pressures on home buyers have intensified. “Clean” offers without conditions, have become the norm. In many cases though, unconditional offers are poor choices: they often result in purchasers being unable to close in time. Buyers should tread with caution and strive to put contingency plans in place if financing or the sale of their existing home falls through. Failing to close may lead for more than the shortfall in purchase price. Recoverable damages embrace all reasonable costs incurred by vendors in dealing with the breach and mitigating their losses. These include carrying costs, maintenance outlays, property tax, realty commissions, legal fees, as well as staging and other reasonable expenses. This is in line with the basic legal concept that courts should restore vendors to the position they would have enjoyed had the purchaser not breached the contract. In some cases, buyers cite falling markets, offering to close for less than the original price to which the parties agreed. If the vendor refuses the lower offer, the buyer may try to allege a failure to mitigate. But courts have consistently ruled that vendors have no duty to mitigate until after the purchaser’s breach of contract. This suggest that vendors can ignore revised offers. Most agreements of purchase and sale (including the standard OREA form) include a “time is of the essence” clause, meaning that parties must respect the deadlines in the contract. Courts have repeatedly enforced these terms, with the goal of maintaining certainty and predictability in our property transfer system. Our market is unpredictable, still it seems that we have reach a ceiling in April. I am staying positive, as I am not expecting a bad market, the market should stay strong, but the multiple offer situation is smoothing, depending of your neighbourhood it might be a good idea to sell first at this stage.

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Capital Gains Tax on a Principal Residence ?

The Globe and Mail published an article on March 20, 2021 putting back the idea of Capital Gains Tax on a Principal Residence. The idea behind is obviously that home owners are making too much money, with a market that across the country is up 25% from a year ago. In other words, if there are not enough homes to accommodate the population, it is because of the home owners are driving prices up. In 2017, it was the foreigners! So, the easy way, for some, is to say that it is the responsibility of Canadians! Let me tell you something very simple, if a home buyer has the choice between 5 homes…do you really thing that the seller will be able to push prices up. Finding together solutions including investors, home owners, tenants and the government. A good leader should start the conversation and listen to everyone including professionals. What is at steak? • Currently, the sale of a principal residence is exempt from capital gains tax. For most in Canada, it is retirement planning. • the United States is often used as an example. There, you are exempt from tax on the first $500,000 USD as a couple, and $250,000 USD as an individual, of capital gains. But what is often not mentioned is that the interest paid on mortgages is tax deductible in the U.S. This important distinction has not been part of the discussion in Canada. Homeowners already pay • Land transfer taxes (Ontario +Toronto, if applicable), and • property taxes. Adding capital gains tax wouldn’t be solving the problem, and will certainly not be a way to cool housing markets as the Non-Resident Speculation Tax didn’t.

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Lack of supply on spring 2021 market

Good Morning, As a Real Estate professional, I am here to share with you that our market needs supply. Our Industry is considered as essential and this is very much understandable. Everyone needs a roof and even a home where they can live in a secure and comfortable place. Canadians have a pride in ownership and still have this dream if not accomplished yet. Our Industry is organised and agents have to follow the rules and keep clients safe. Every showing is organised in a safe way. Agents have to fill up a form to disclose any suspicion of COVID regarding themselves or their clients before each showing. Wear masks, and use hand sanitizer, wear gloves if asked. In this context, our Real Estate Market continue to rise as buyers remained confident in their employment situations and taking advantage of ultra-low borrowing costs. The historic demand for housing experienced in the second half of last year has carried forward into the first quarter of this year with some similar themes, • including the continued popularity of suburban low-rise properties as in Oakville and Burlington. • It’s also evident that the supply of listings is not keeping up with demand • the detached, semi-detached and townhouse market segments in suburban areas were the drivers of average price growth, with annual rates of increase above 20 per cent in all three cases. • In the absence of more inventory, the current relationship between demand and supply will continue in double-digit average home price growth this year. I know that most Buyers and Sellers don’t Buy or Sell because of a Market but because they have a change in their life and their needs are different. If you have a need, or a dream you shouldn’t delay it as this market is not expected to change soon. There is no bubble. Live your life, live your dream and as a professional I am there for you to make that happen, helping you in the different steps to reach the best results.

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Emmanuelle was an excellent support and guide

Emmanuelle was an excellent support and guide as I dealt with the sale of my father's condo. She is knowledgeable of the market, positive yet pragmatic, and exceptionally communicative. I always felt well-informed and that the decisions were mine to make. I particularly appreciated her attention to detail and persistence in navigating to the close - despite some unforeseen challenges made by other parties. I would highly recommend Emmanuelle to help anyone in their real estate dealings with honesty, professionalism, and care.

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Offres multiples et bidding wars Janvier 2021

Bonjour, J'espère que vous réussissez à rester positif dans cette nouvelle période de confinement. Malgré une année sans précédent due au COVID-19, comprenant entre autres, les restrictions de santé publique nécessaires et l'incertitude entourant l'économie, nous avons connu de nouveaux records, dans la RGT depuis janvier 2019 le prix moyen est arrivé à 929699 $, en hausse de 24%, ce qui représente plus de 7800 Dollars de profit par mois ! En 2020, après une forte baisse de l'activité du marché immobilier entre la mi-mars et la fin mai, les conditions de marché se sont considérablement améliorées au second semestre, avec plusieurs mois consécutifs de ventes records. Alors que le marché du logement dans son ensemble s'est fortement redressé en 2020, il y a ceci-dit eu une dichotomie entre les segments du marché des maisons individuelles et le segment des appartements en copropriété. À Oakville et à Burlington, l'offre de maisons uni familiales est restée limitée, ce qui a entraîné une forte concurrence entre les acheteurs et une augmentation à deux chiffres du prix moyen des maisons de janvier 2020 à décembre 2020. Oakville • est passé d’un prix moyen de 1 368 664 $ à 1 731 125 $, • résultant en une augmentation de 26%. Burlington • dans la même période de 1 033 960 $ à 1 358 149 $ • avec un résultat de + 31%. Ces chiffres sont le résultat d'un manque complet d'approvisionnement, rien ne se vend sans offres multiples. Les 12 prochains mois seront cruciaux car nous espérons une voie vers la reprise.En particulier, l'impact de la reprise de l'immigration et de la réouverture de l'économie seront déterminants. Au plaisir de rester en contact avec vous et de vous revoir en personne très bientôt. Emmanuelle

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The missing middle housing

Good Morning, As you most probably know our Real Estate Market is on fire. The lack of supply is drastic. Most of my colleagues would say, this is a very good time to sell, and they would be right. The situation is worse than in March 2017, still we do not have a bubble as it is true demand. As a professional, I think that we need to find solutions as it is not sustainable long term. I attended a zoom conference organised by TREB. One of the speakers was URBAN STRATEGIES INC. They shared their study on the ‘missing middle’ to assess the potential for increasing the available housing supply by introducing new forms of housing in the single-family neighbourhoods across the Greater Toronto Area. • Increasing missing middle housing means converting or building new development within existing, largely single-family neighbourhoods with slightly higher densities than those of the immediately adjacent housing. • The large number of high-rise apartment buildings are due to high land and development costs. These to be the smaller (very few have two or more bedrooms) and don’t suit family housing needs. • Most municipalities restrict multiple unit development to small part of their urban area. As a result, the region consists primarily of either single-family or apartment neighbourhoods. According to Urban Strategies Inc., the solution is to explore relaxation of current prohibitions to allow additional units in what are now single-family units in other parts of the GTA. Population decline in single-family neighbourhoods can be reversed with this focus, allowing population density to support the educational, social and retail amenities that help our communities thrive. My favorites were the Granny Flat the addition of a separately accessible above-grade unit as a part of a single Family home, or the Garden Suites, the addition of a unit to the rear of an existing house. Would you wish to receive the full report, let me know and I would be happy to share it with you.

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Bidding wars in a pandemic

Good Morning, I hope I am finding you strong in this new lockdown period. Despite an unprecedented year due to COVID-19, including necessary public health restrictions and uncertainty surrounding the economy. We experienced new records, in the GTA since January 2019 the average price arrived at $929,699, up 24%, that represents over 7,800 Dollars profit per month! In 2020, after a pronounced dip in market activity between mid-March and the end of May, market conditions improved dramatically in the second half of the year, with multiple consecutive months of record sales and average selling prices. “While the housing market as a whole recovered strongly in 2020, there was a dichotomy between the single-family market segments and the condominium apartment segment. In Oakville and Burlington, the supply of single-family homes remained constrained resulting in strong competition between buyers and double-digit price increases. Detached homes average price from January 2020 to December 2020: Oakville • had an Average Price going from $ 1,368,664 to $1,731,125, • resulting in an increase of 26%. Burlington • had an Average Price going from $ 1,033,960 to $1,358,149 • with a result of +31%. These numbers are the results of the complete lack of supply, nothing sells without multiple offers. The next 12 months will be critical as we hope for a path through recovery. In particular, the impact of resumption in immigration and the re-opening of the economy will be key. Looking forward to keep connected to you and meet again in person very soon. Emmanuelle

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Real Estate Market and trends November 2020

Good Morning, I hope you are able in this challenging time to keep positive. As so many are wondering how is doing the market, I will share with you some economic indicators: • Real GDP Growth Q2 -38.7% • Toronto Employment Growth -6% • Toronto Unemployment Rate 12.8% • Bank of Canada Overnight rate 0.25% • Prime Rate 2.45% Even with these numbers: • Number of Home sales in the GTA) were up again year-over-year for the fourth month in a row. • Competition between buyers of single-family homes, and particularly detached houses, remained strong last month and continued to support double-digit annual rates of price growth in many GTA neighborhoods. • In contrast, condo buyers have benefitted from much more choices compared to last year. Pre-COVID polling had already pointed to an increase in investor selling in 2020. The pandemic only added to this trend. • The MLS® HPI Composite Benchmark was up by 10.8 per cent on a year-over-year basis in October 2020. • The average selling price for all home types combined was $968,318 – up by 13.7 per cent compared to October 2019. • The economic recovery in some sectors coupled with low borrowing costs has kept home purchases top-of-mind for many GTA residents. And what about Oakville? October 2019 October 2020 Active listings 721 563 Sold listings 291 390 Number of days 28 21 on the Market What does these numbers tell us? We can be optimistic of the strength of our Real Estate Market where we experienced that SOLD PRICES never dropped, it has been quite the opposite in fact. The Y.T.D Average Price in Oakville In October 2019 was $ 1,041,146 In October 2020: $ 1,237,974 As a result, it led to an increase of 18.5% in a year. Often many wonders about what if the Real Estate market crashes? Or what if suddenly many can’t pay their mortgages? I have no crystal ball, but I think that no Banks want that to happen and will do anything to avoid that, preferring the option of refinancing their clients with lower interest rates. Another good news for our local real Estate marked is that with the COVID many have been willing to move out from Toronto to get more space at the same price and enjoy our Beautiful Oakville and Burlington.

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Clients trust leading to success

"We entrusted Emmanuelle with selling our Townhouse as well as buying a detached family home. And we will forever be grateful to the outstanding professionalism and dedication that she brought to the table. The Experience Emmanuelle's recommendations and strategies were smart and she helped us with: . The staging of our Townhouse along with an outstanding experienced photographer. . She walked us step by step through the selling process; by comparing listings and sales of similar properties and what is the smartest way for us to list to enter the market. . In a COVID environment she made sure the viewings were as safe and as accommodating as possible. . When purchasing our new property, she prepped us on strategies to avoid and minimize getting caught in bidding wars. The Result . Our Townhouse sold in 5 days 20% over asking price. (Record selling time and highest price for a Townhouse in the area) . The purchase of the new detached family home happened within a few days of that property being listed and we were able to buy 2% under the listing price in an area where everyone around was getting caught in bidding wars. Thank you a million times Emmanuelle, anyone who wants peace of mind in their real estate transactions should work with you, very impressive! Mira & Jamie- Sep 2020"

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Money laundering and bidding wars, is there a link?

Since early July we have experienced again a rise in prices and in demand in Real Estate. Buyer’s are very strong in their willingness to Buy. Sellers are worried to be trapped in the unknown on what will be coming next with the COVID and are anxious to put their home on the market. We are, as Real Estate Professionals, experiencing with clients bidding wars on the Seller side and on the Buyer side too. I recently experienced 26 offers on the same place! This could lead some clients to buy in an out of the market price value. And in this case, it was $250,000 over asking! Obviously, there are many reasons for that, but one of them might very well be money laundering! In the Toronto Sun of June 11, 2020, we are informed that the feds have introduced new regulations requiring Canadian realtors to name suspicious clients, according to Blacklock’s Reporter. Amendments under the Proceeds of Crime And Terrorist Financing Act target transactions of $100,000, and over, saying in those cases realtors will be required to “determine and verify” names and addresses of clients or “beneficial owners.” As a note, Realtors are already required to do so. The only method that is working world wide is “Know you client” or getting to know them. ” The report called Canada a “la la land for financial crime.” The new regulations will be coming into effect June 1, 2021. In my opinion, one of the best ways to protect Canada and Canadians from Money Laundering is to have only full-time professionals in my industry. It is a full-time commitment to ensure that every transaction is done in the most professional manner. Bully offers coming from unexperienced Realtors with clients they just met, is not exceptional. Experienced money laundry actors know how to play with the system.

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